Bitcoin Forum

I was ordering BTC and I was astonished to see how fucking high tx fee is: $27.00!!!!!! I was like, did something happened? I remember it used to be like a penny. I see the minimum fee is like $7.00 knowing fully well that it will take forever to get it confirmed. So.. I shit $18 in tx fee and it took like fucking 6 hours.

WTH is going on? Greed?

That's normal due the current value of bitcoin unlike on few months/weeks/days but if you will observe it still the same numbers on btc denom yet high in numbers when you use fiat based.

About the confirmation, coz there is 160k pending tx as of writing (check https://blockchair.com/), si its pretty normal, but if you have higher fee then its okay to assume that it will be confirmed in just minutes

Moon happened. Let's not forget that fees are priced in sats. Not sure when you last transacted using bitcoin, but since fees are priced in sats, if bitcoin 10x's in price, then the fees 10x's in USD terms as well.

It must really be a long time that you have made a transaction using your coins. You'd be surprised also for the fee in making transactions in ETH is close to $27.00!!!!!  Welcome to 2021, you will get used to it though or maybe this could be the reason why they are shifting to doge. You should update yourself and see how DOGE is. 

First of all the fee that exchanges charge when you buy bitcoin from them and when you withdraw it is not "bitcoin fee" it is actually "exchange fee" and it is always higher than the actual network fees.

Secondly $27 fee at $60k price is 0.00045000BTC which is $1.8 at $4k which is the price last time you posted in bitcointalk. This is exactly why you should never look at what you transact in terms of USD because you aren't transferring USD you are transferring bitcoin.
Besides, last time you were here the fees were so much higher than today's since there was a massive spam attack going on (in terms of satoshi per byte)! But obviously not in terms of USD since price was so much lower.

So in comparison you are paying less fee today and your confusion about fees is confusing. ;)

Almost any increase in bitcoin causes all cryptocurrency fees to increase significantly, so it is normal for fees to increase. the only way to go down is that the price of coins goes down, because a decrease in price affects the fee

Order, did you mean your order is to buy one product with bitcoin? And you will be charged with transaction fees in your total payment for that order?

If you meant so, it is acceptable as the bitcoin network has many waiting transactions and fee is very high. You have to pay more than 130 sat/vbyte if you want your transaction gets its 1st confirmation around 1 or 2 blocks. See the fee in mempool.space (https://mempool.space/)

I don't think you meant trading orders on exchanges. With that order type, buy or sell, you will only be charged taker or maker fee. This fee is not affected by the bitcoin network

You looks like one of the early adopter so why not Buy when the price is about a PEnny ? can't you see how much the value of Bitcoin now so why need to question about the fee?

Valuing 60,000$ and you as amazed about the High fee? lol expect that will increase when the price is already High up to the Moon now.
Best to Use altcoins instead of Bitcoin so you won't feel that Highest fee recorded.

Bitcoin's growth also makes it a significant increase in fee. Not only Fee Bitcoin increases. Look at ETH, the transaction fee is increasing every day.

Most of the transaction fees of currencies on the market are calculated in the same currency, so if that currency increases, the transaction fees will also increase.
At the moment people are very unlikely to make transfers in BTC or ETH because of concerns about fees.

I think this is normal, because looking at the price of bitcoin alone, it is far different from the price it used to be. The amount remains the same but the price is different. But in my opinion too, there should be an update in the system for transaction speed and shipping costs.

Bitcoin is the king of the crypto market and its high transaction fees are quite familiar with everyone.
Maybe at the moment bitcoin's transaction fees are so high that it's overwhelming for new entrants, but if you stay in the market for a while you'll get used to it.

This has been the situation since November last year though the fee increased so much early this year .but there are altcoins so what bothers you?
Are you serious? Lol just because of Fee it will never become a currency? Bitcoin is already a currency for more than 10 years and what says not a currency?

What happened? https://cryptonews.com/news/bitcoin-hashrate-drops-after-china-coal-mine-explosion-diffi-9945.htm

Edit: This will last for more than a few days.

Should limit transactions by BTC or ETH at the moment, the transaction fees of these currencies are very high.
If possible you should convert these currencies into a currency with lower transaction fees, which will save you quite a bit.

Something to do with some mine explosion in china which causes the coal supply to just suddenly get cut off, thereby not enough electricity to supply mining farms in the area. Some say it is supposedly causing a huge dip in hashrate, but I have no doubt this will get fixed soon.

Meanwhile Price has dropped $10k!

It is really quite frustrating to see how high the transaction fee had been when we look at it in USD but as what pooya87 stated, the fee today is pretty much cheaper than the fee when you were last active here in Bitcointalk in term of satoshi, it's that the value of BTC had surged a lot compared to when you were last active so it is quite understandable that you are in shock.

At past i think about that too, if price of bitcoin increased, what will happen with fees. Because sometimes it is not really change too much in BTC. It means in fiat it will boosted too. And it really happen, at past $1-$5 already can be used as fees. But now $5 bitcoin can't be send because fees are higher.

This is what we have to deal with, both btc and eth are  very expensive to transact with, eth is even the worst, it is hard to chew but you have to accept it, btc is high in price sane with eth, and high transaction fee is the price for it.

I don't think this is surprising, it's just the reality at the moment, high fees and a long transaction time. This is a problem from the very beginning that will not be solved any time soon. Therefore, Bitcoin is not used for payment, it is not profitable and requires time.

Yes, I think it's greed. What else can we called that? Also when sending tokens through ethereum the minimum transaction fee for fast transaction was 10usd (before it's a penny).

Lol... Nothing like greed. It could get back to the gas fee price you know if only Bitcoin were to dump to a way lower price.
So, the more we go higher, the more the fees increases. Have you seen ETH fee?
I wish I was charged $27 to make an ETH transaction!

Normal scenario that you can really see when the network is clogged up or simply it had been flooded out by lots of transactions which does usually happen when bitcoins price

do tend to rise up or to dump down where people do make out corresponding actions basing off on the situation that they are facing. Somehow these high prices

wont stay up that long and once the market transactions had stabilized then everything would goes back to normal.

I just visited mempool.space just now and the lowest transaction fee that I saw was near $10.
Am I surprised with this? Not really although there are times in the past few weeks that I made a transaction and the fees at that time was below a dollar. Good timing for me I guess.

We've seen this kind of transactions already for a long time. I think you need to time your transaction pretty well. In my place, I usually make a transaction at afternoon because at that time the fees are lower at least for me. Maybe that isn't the case now since the transaction fees are surging. Just wait for the fees to go down I guess and greed isn't a factor here. Its just that there was a time where fees are surging that high :).

That's why I am no longer agree with the statement of bitcoin and ethereum is the digital currency. I am no longer treat both crypto as an alternative payment. I don't even call them money anymore.
Sending money on the internet supposed to be free and fast. While bitcoin and ethereum can't do that, I prefer to treat them as a digital asset. The platform to grow wealth. So whatever the fees, I can deal with it.

What would be the basis of something to be considered a currency? Is it the fee, so that whenever the fee rises, the currency ceases to be one? That would be ridiculous. Anyway, I've just bought prepaid load. The app accepts Bitcoin and I paid in Bitcoin. Whether it will convert it to fiat right away doesn't matter. I spent Bitcoin. That means it is still a medium of exchange, therefore, money.

On what basis do you suppose sending money on the internet should be free and fast?

Ethereum has never been a "currency" to begin with. By design ETH is a token or to be more precise it is fuel for smart contracts and nothing more.

Here is the flaw with this, why would something useless (according to you) have any value and grow?
Essentially that's what bitcoin is if you remove the currency aspect of it, it is some virtual numbers on the internet that we are wasting energy to find.

Although cheap transactions are desired but they are not the defining factor. Bitcoin is a currency and a very useful one at that because you can make a payment from anywhere in the world to anywhere in the world in matter of seconds without needing any third party's involvement or permission thanks to its decentralized nature.
This is exactly why bitcoin value keeps growing while altcoins' keep declining.

Artificial size limit on blocksize imposed by BTC devs to coerce users to use LN and Liquid offchain systems.

So yeah, Greed is the correct answer.

* BTC average transaction fee will only get higher with time, as their are no plans to increase BTC blocksize,
so 3 years from now expect $250 average transaction fee.*

---

One exception , Doge average transaction fee is only $1 and their price has also only been going up.
In fact, owning doge coin since 2017 would have earned you more than bitcoin from the same 2017 starting point.
Both grew substantially verses fiat, but Doge Profit Numbers were higher.
Also Doge has ~10X the onchain transaction capacity of BTC.
Doge transactions occur in 1 minute blocks while BTC has 10minute blocks.

If that is the cost of transaction fees then you should be holding a large amount of BTC because that kind of fee is big enough to buy 1 book. The problem is if you only have a little amount of BTC in your wallet and you need to get it right away but still, you need to pay that big amount which you don't have any choice at all. I think the best suggestion I could give you guys if you are only holding a small amount of BTC it's best to put it on the exchanges so that when you want to withdraw it, you don't need to send it and to pay some transaction fees.

Were you sleeping under a rock during the last few years? ;D
The Bitcoin transaction fees will go up for sure.With the increasing BTC adoption,Bitcoin Core blockchain will get stuck with more transactions,which means higher tx fees and longer confirmation time.
There are two options to avoid this:
1.Just HODL and don't move your Bitcoins out of your wallet.
2.Use off-chain solutions like Lightning Network.I hope that LN will become enough user-friendly and it will get adopted many millions of BTC users.I also know that many people won't trust off-chain solutions like LN.

While you were away the price of bitcoin increased which spurt the increase of the transaction fees because there are more people that are in the network and the network can only handle so much but other than that you didn't miss that much, companies buying bitcoin, former opposition of bitcoin is starting to warm up towards bitcoin.

I fully understand your pain. High fees are not only plaguing bitcoin, but Etherium as well. I think that these cryptocurrencies are no longer a means of transfer. For the transfer you can use hundreds of other tokens, for which the commission is 1-2 cents.

Expect it like we're getting a lot of price surge lately as well as correction concurrently. I can even recall back in 2017 when the ATH was 20k and my sent BTC was just like $10 and the tx fee I paid was double the amount of what I sent which was really insane.
Newbie mistake, I still did it instead of waiting. Not gonna be surprised as that was an online wallet I used. :D

My view on this issue will be that the last time you talked about how much was Bitcoin then, compare it to the recent value and redecide or check if the price that the increase is not worth it.

As the value of BTC increases, the value of the transaction fee in BTC will not change but its equivalent value in fiat currency such as USD will increase the same as BTC. It is the same scenario in ETH, the gas fee is so high which made me limit my transactions on the ETH network. So avoid making transactions when the fee is so high just wait and it will not stay high for too long

Obviously you already know why this is happening, why gas fres or tax fees are increasing and this because of the reason that the bitcoin and other cryptocurrency are very high today. This is not about greed but this is also the effect or cons of sudden pump up of the bitcoin as well as the other cryptocurrency. Maybe there's also a lot of reasons why the gas fees are kind of high today but this is the main reason why it is getting higher and higher. The more that the market is green or pumping, the more the fees are also increasing.

I was also surprised. I've been in active for a long time and lot of things changed in cryptocurrency. It feels I have a so many things to learn again. It also feels like a newbie again but on the other side I'm hoping that I just need to refresh a little to be able to fit in crypto again. I also have coins that can't be withdrawn from the exchanger because the fee is higher than the amount of the coin. Some kinda heartache. I guess I can't used that anymore or I have to convert that into another coin and wait for its price to rise so it will be higher than the fee. I that works.

Its really painful to see the high fees but we have to keep it in mind that the price also has gone to the high of the level .However its usual thing that the much the price of btc flow to the up the fee also will will follow .I think you have made your transaction when the price was in downtrend and low the market has changed a lot and the fee became high .So we need to adjust with it as well .

And we see those people envisioning Bitcoin to surpass 6-figures in value while Lightning Network still struggle to gain a foothold.

Funnily I can imagine how tremendous those fees would be.

indeed this is what will happen if the price of bitcoin gets more expensive, we will pay a very expensive transaction fee. at this point if someone is going to buy bitcoin they have to buy it in very large quantities so they don't feel disadvantaged by expensive transaction fees.

The hash rate dropped because of things that are beyond our control and it will take some time to reset the difficulty and until then if you have to pay higher fees or wait for sometime to get the transaction confirmed. If you ask people to stop transacting during this period then you can sort this issue and it is not about greed and you should know that  :P.

correct because they are increasing value that's why the tx fee will increase as well.. It's like sending money to different banks, or let say from your E-wallet to credit card or any different wallet., once you send bigger amount it will reflect on your fees ..

Actually we are just very surprised now because we used to convert /send/cash out our money without paying a large amount of fees^{"wherein that time bitcoin and other alts still affordable."} . But now probably we must accept the fact also as long as each price in the market of this crypto seems very high as well. We have no choice! lol

Sure you have plenty of choices.

1. If you use bitcoin, just keep your money on Coinbase or another exchange that allows offchain transfers between the members.
This way you can transfer bitcoin with no miners overlyhigh transaction fees.
or
2. Just convert to doge , where the average transaction fee is only $1 , and their block capacity are not maxed out like bitcoin.

 

Hike in the Bitcoin transaction fee is normal and I think you should understand that this is always the procedure in the Bitcoin market whenever we are in bullish season since you have joined the market long ago. So, there is always network congestion during a bullish market but there's no reason whatsoever for you to pay $27 for a single transaction with 1/1 input and output. However, if you use a SegWit wallet address you still have a chance for a small transaction fee.

Being an early adopter doesnt mean that they shouldnt really be surprised with the fee in spite of having lots of bitcoin but they've get used to into those cent per transaction fee wayback

which when you do make out some transactions as of today they would surely get surprised with the influx of fee and its mentioned above that its based on sats which means

if the price is high then consider the fee amount or value would be high too but nothingless it would really just come back to normal.These are just common days
where fees are up high when there's a bull run or price increase.

Don't look at its dollar value when you pay for the fee because that will really be quite high. But if you go look at the fees in decimals, most of the time they're just the same as before.

But because of bitcoin is on its ATH, that makes it expensive in our eyes. That is why when you transact, make sure that you're going to pay the fee worth it with your transaction and it's not that small amount only.